Riyadh – Mubasher: The Capital Market Authority (CMA) has given its green light to Al Hassan Ghazi Ibrahim Shaker Company’s (Shaker Group) request to increase its capital through a SAR 249 million rights issue.

The CMA granted its approval after the listed company fulfilled all the conditions and requirements for the capital raise file, according to a recent bourse filing.

Last May, the company’s shareholders greenlighted a capital reduction to SAR 482.33 million from SAR 630 million. 

It is worth noting that in the first three months (3M) of 2022, Shaker Group witnessed a 47.93% year-on-year (YoY) hike in net profit after Zakat and tax to SAR 14.47 million from SAR 9.78 million.